San Bernardino Bankruptcy Attorney

Chapter 7 and Chapter 13 Bankruptcy

The choice of whether to file for bankruptcy can be a difficult one. Depending on your particular situation, you may not qualify for Chapter 7 or may prefer to file for Chapter 13. It is important to weigh all of the advantages and disadvantages of these two different types of bankruptcy in order to make the decision that have the best possible outcome for your unique case.

As a San Bernardino bankruptcy lawyer experienced in both Chapter 7 and Chapter 13 cases, I can look over your finances with you and discuss both your short term and long term financial goals in order to assist you in making the right decision. Should you decide to file and to work with my firm, I can provide you with the skilled representation you need through all legal proceedings.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often referred to as “liquidation” because the filer’s assets and property may be liquidated to satisfy his or her debts. However, it is important to note that not all property is eligible to be liquidated. State and federal bankruptcy law allow for particular exclusions in this regard. Additionally, not all debts are dischargeable.

The benefit of a Chapter 7 bankruptcy is that all eligible debts will be discharged upon its completion, with no further obligation to the creditors. Once you file for Chapter 7 bankruptcy, all creditors must stop all pending lawsuits and any collection efforts against you.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is an option for those with a steady income above the state median. This is often referred to as “reorganization” or a “wage earners’ plan” because it involves working out a payment schedule to pay off part or all of one’s debts over a three to five year period. The outcome of a Chapter 13 bankruptcy case is the same as a Chapter 7 – with the discharge of all eligible debts. Filing for Chapter 13 will also place an automatic stay on any foreclosure proceedings.

Contact a San Bernardino Bankruptcy Lawyer

I cannot stress enough the benefit of working with an attorney if you are considering Chapter 7 or Chapter 13 bankruptcy. These processes are complex, and a mistake in filing may result in the denial of your petition and your ineligibility to file again for an extended period of time.

The information on this San Bernardino Attorneys / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.